Registration
- Trade license can be obtained for all activities except banking, insurance, and investment activities.
- A company can be established with minimum two and maximum fifty shareholders. Partner liabilities are proportional to company capital share.
- Minimum 51% of shares can belong to local citizen and maximum 49% to foreign investor.
- Initial capital is not obligatory.
- Profit distribution ratio can be identified differently from shares. 100% profit distribution can only be made to one partner.
- Board Members are chosen by General Assembly and number of member should be 5, the maximum.
- During establishment company directors should be declared to Memorandum of Association. Foreign individuals or partners can be appointed as directors to run everyday work the company.
- After completion of registration procedures, Trade License is obtained from Department of Economic Development and registration to Chamber of Commerce and Trade should be made.
- A dispensation should be obtained from relevant public institutions in regard to company’s area of activities; for instance dispensation should be received for Production from Ministry of Finance and Industry, Banking and Finance from Central Bank and Construction or Food Production from affiliated Municipality.